Germany Automotive High Performance Electric Vehicles (EVs) Market Outlook 2031
The Germany automotive high performance electric vehicles (EVs) market size was USD 6.80 Billion in 2022 and is anticipated to reach USD 45.12 by 2031 expand at a robust CAGR 23.4% during the forecast period, 2023-2031. The growth of the market is attributed to growing awareness regarding environmental concerns. Moreover, rising price of gasoline is encouraging people to shift toward electric vehicles.
Electric high-performance vehicles (EHPVs) can travel more than 90 miles in a single charge. EHPVs also have high acceleration and can attain the speed of at least 90 miles per hour. Rapid depletion of fossil fuels has increased the investment in the EV technology. Many manufacturers are investing a lot in the electric vehicles segment to leverage their market position.
Various factors that affect the performance of an EV, such as battery capacity, charging time, price, and driving range. The ongoing development of EVs has led to the same acceleration performance as of gas-powered cars. Moreover, it reduces the operational cost of the cars than the gasoline-fueled cars.
Germany automotive high performance electric vehicles (EVs) Market Trends, Drivers, Restraints, and Opportunities:
- Lower operating and maintenance costs along with increasing government and environmental agency’s initiatives to encourage the use of electric vehicles are one of the major drivers that is contributing to the market growth.
- The outbreak of COVID-19 has negatively impacted the Germany automotive high performance electric vehicles market due the closedown of the manufacturing facilities for a considerable period of time. However, the government stimulus packages to revive the automotive sector is expected to help the market recover soon.
- Enactment of stringent emissions and fuel economy norms is expected to augment the Germany automotive high performance electric vehicles market growth.
- High manufacturing cost of the automotive high performance electric vehicles can restraint the growth of the market.
- Rising disposable income and government state bodies policies that provide incentives to the manufacturers are anticipated to proliferate the market growth.
Scope of The Germany automotive high performance electric vehicles (EVs) market Report
The report on the Germany automotive high performance electric vehicles market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Automotive High Performance Electric Vehicles Market - Germany Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Drive Types (Plug-in Hybrid and Battery or Pure Electric), Vehicle Types (Passenger Cars and Commercial Vehicles)
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Geographic Zone
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Germany
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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BMW Group, Daimler AG, Ford Motor Company, Telsa Inc., and Volkswagen AG
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Germany Automotive High Performance Electric Vehicles Market Segment Insights:
Plug-in Hybrid segment to grow at a rapid pace
Based on drive types, the market is divided into plug-in hybrid and battery or pure electric. The plug-in hybrid segment is anticipated to account for a key share and is anticipated to grow at a steady rate during the forecast period. Mid-range plug-in hybrids are available in the price of around Euro 40,000 (USD 47,000). Consumer are provided with the subsidy of Euro 4,500 (USD 5,300) which was Euro 3,000 Euro (USD 3550) previously. As a result, these high performance electric vehicles are gaining traction among working population in the country.
Passenger Vehicle segment to account a major market share
In terms of vehicle types, the market is bifurcated into passenger cars and commercial vehicles. The passenger cars segment is anticipated to account for a major market share due to the provision of high speed reduction ratio and inline arrangement of input and output shafts. Mechanical gear system is removed by mounting a low-speed motor with an outer rotor configuration on the wheel rim.
Rising disposable income is expected to proliferate the growth of the market. The presence of major auto manufacturers is boosting the growth of the market. Moreover, government subsidies and incentives is driving the market segment. The commercial vehicles segment is expected to grow at a steady rate during the forecast period. Major industry players are heavily investing in the commercial segment to leverage their market positon.
Segments
The Germany automotive high performance electric vehicles have been segmented on the basis of
Drive Types
- Plug-in Hybrid
- Battery or Pure Electric
Vehicle Types
- Passenger Cars
- Commercial Vehicles
Country
Key Players
Competitive Landscape
The major players of the market are BMW Group, Daimler AG, Ford Motor Company, Telsa Inc., and Volkswagen AG
Companies are investing around Euro 60 billion (around USD 70) on the areas, such as hybridization, electric mobility, and digitalization. Moreover, they’re partnering and engaging in mergers and acquisitions to expand their market share.
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